Credit union league signs MoU to promote financial inclusion
Written by Andrew Gioannetti on January 22, 2025
THE Co-operative Credit Union League of Trinidad and Tobago (CCULTT) signed two memorandums of understanding (MoUs) with the Telecommunications Service of Trinidad and Tobago (TSTT) and the Trinidad and Tobago International Financial Centre (TTIFC).
The agreements are designed to accelerate digital transformation and financial inclusion within the credit union sector.
The MoUs were cemented at the CCULTT’s launch of its calendar of events for 2025 at the Radisson Hotel, Wrightson Road, on January 22.
TSTT’s collaboration focuses on leveraging its fintech innovations, including its soon-to-be-launched PAYPR mobile wallet, to provide credit unions with seamless and secure modern financial tools.
PAYPR is an electronic wallet platform developed by TSTT that enables users to store and transfer money, as well as make and receive payments via their mobile phones.
This service is particularly beneficial for unbanked and underbanked customers.
PAYPR is part of TSTT’s broader fintech initiatives, which include services like e-Pay, a payment aggregation platform and e-Cashbook, a software platform for public bodies.
TSTT’s assistant vice-president Keino Cox stressed the partnership’s potential to enhance service delivery and attract younger members.
The TTIFC partnership introduces open-source banking systems through international collaborations.
The CCULTT said the initiative would help credit unions improve data utilisation, credit issuance and customer engagement using advanced technologies like artificial intelligence.
Minister of Youth Development Foster Cummings endorsed the agreements at the signing ceremony and highlighted their potential to empower communities and strengthen the local credit union movement.
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